▪ Artie Starrs, President and CEO ▪ Jonathan Root, Chief Financial Officer and Chief Commercial Officer ▪ Shawn Collins, Director Investor Relations Q4 & FY 2025 PERFORMANCE HEADLINES 2025 Full Year Highlights and Results Q4 & FY 2025 RESULTS TUESDAY, FEB RUARY 10, 2026 Q4 & FY 2025 RESULTS – EARNINGS CALL 2 CONSOLIDATED – Q4 2025 RESULTS Fourth Quarter 2025 Highlights and Results | 1, 2 Q4 2025 Results | HDMC | HDFS | LiveWire | Total | | --- | --- | --- | --- | --- | | ($ millions, except earnings per sha ...

Core Viewpoint - Dingdong (Cayman) Limited plans to use a substantial majority of the proceeds from the sale of its China operations for share repurchases and/or dividends to shareholders upon closing the transaction with Meituan [1][2] Group 1: Transaction Details - Dingdong has entered into a definitive Share Purchase Agreement with Two Hearts Investments Limited, a subsidiary of Meituan, to sell all issued and outstanding shares of Dingdong Fresh Holding Limited for a cash consideration of US$717 million [1] - The company expects to receive up to US$997 million in cash proceeds from the transaction, subject to adjustments based on net cash and working capital thresholds [1] - The final adjusted consideration will be paid in two installments: 90% at closing and the remaining 10% after tax settlements related to the transaction [1] Group 2: Conditions for Closing - The transaction is subject to various conditions, including shareholder approval, anti-monopoly clearance from the State Administration for Market Regulation of China, and completion of necessary tax filings [1][2] - Specific conditions include the completion of a pre-closing inventory check, obtaining consents from loan institutions, and passing resolutions by the boards and shareholders of Dingdong BVI and Dingdong Cayman [2] Group 3: Future Plans - Upon successful closing of the transaction, the company intends to utilize not less than 90% of its cash balance for share repurchase plans and/or dividends, with terms to be determined post-closing and subject to board approval [1] - There is no assurance that the transaction will close or that any share repurchase plans or dividends will be executed [1]

Financial Data and Key Metrics Changes - The company revised its fiscal 2026 sales guidance down to between $750 million and $760 million, impacted by approximately $50 million due to a large customer's store closures and distribution center consolidation [11][12] - Operating income is expected to be between $72 million and $79 million, with gross margin reported at 19.6%, down from 24.1% a year earlier, but up sequentially from 18.0% in the first quarter and 19.3% in the second quarter [14][15] Business Line Data and Key Metrics Changes - The braking business is expected to see gains that will increase overall margins due to operating efficiencies and facility utilization [5] - The EV Emulator business is being explored for strategic alternatives as it is considered a non-core asset [18][37] Market Data and Key Metrics Changes - The average age of U.S. light vehicles has risen to 12.8 years, with the number of vehicles on the road increasing to 295.9 million, indicating a growing market for replacement parts [7][8] - In Mexico, the vehicle market has approximately 36 million vehicles, with an average age of 16.2 years, showing increased demand for aftermarket parts [9] Company Strategy and Development Direction - The company aims to enhance its leadership position in the nondiscretionary automotive aftermarket parts sector, focusing on operational efficiencies and market share growth [7][40] - Strategic initiatives include growing sales of existing product lines, improving operational efficiencies, mitigating tariffs, and increasing cash conversion [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering sales from a large customer and highlighted strong liquidity and operational fundamentals [4][6] - Despite recent headwinds, the company remains bullish about its outlook and is focused on leveraging its global operational footprint to meet demand [40][41] Other Important Information - The company generated cash of $23.7 million for the nine-month period, with net bank debt decreasing by $10.9 million to $70.5 million [16][17] - The company repurchased 669,472 shares for $8.4 million at an average price of $12.47 [18] Q&A Session Summary Question: Impact of sales disruption from a large customer - Management indicated that the sales disruption was largely a one-time event, with a 15% reduction in store numbers expected to impact future sales [25] Question: Market share opportunities due to competitor store closures - Management confirmed that they expect to gain market share as a result of competitor store closures [26] Question: Guidance for operating income and gross margins - Management expects gross margins to increase sequentially in the fourth quarter, alongside reductions in total operating expenses [34] Question: Currency impact on operating expenses - Management noted that the strengthening peso would have a non-cash impact on lease liabilities but would be accounted for separately [35] Question: Non-strategic asset divestiture - Management discussed the potential divestiture of the EV Emulator business, which does not align with their focus on aftermarket parts [37]

Core Insights - Reinsurance Group of America (RGA) reported a significant increase in net income for Q4 2025, reaching $463 million, compared to $148 million in Q4 2024, indicating strong financial performance [1] - Earnings per diluted share rose to $6.97 in Q4 2025 from $2.22 in the same quarter of the previous year, reflecting improved profitability [1] - For the full year 2025, net income available to shareholders was $1.18 billion, a 64.9% increase from $717 million in 2024, showcasing robust annual growth [4] Financial Performance - Adjusted operating income for Q4 2025 was $515 million, up from $334 million in Q4 2024, demonstrating operational efficiency [1] - Total net premiums for Q4 2025 were $4.8 billion, a 15% increase from the previous year's fourth quarter, with a positive foreign currency impact of $42 million [2] - The US Financial Solutions business contributed approximately $200 million to net premiums from single premium pension risk transfer transactions, compared to around $150 million in the prior year [2] Segment Contributions - By segment, net premiums in Q4 2025 included $2.1 billion from the US and Latin America, $347 million from Canada, $583 million from EMEA, and $862 million from Asia Pacific [2] - RGA's president and CEO highlighted the strong contributions from most business segments, emphasizing the strength and diversity of the company's global platform [3] Strategic Outlook - The company is tracking at or ahead of its intermediate-term financial targets since the beginning of its strategy cycle in 2023, indicating confidence in meeting established goals [4] - RGA's board approved a share repurchase program authorizing buybacks of up to $500 million of the company's common stock, reflecting a commitment to returning value to shareholders [5] - The CEO expressed optimism for continued success, citing a strong balance sheet and favorable business conditions [6]

Core Viewpoint - Block Inc., led by Jack Dorsey, is planning to cut up to 10% of its workforce as part of a broader business restructuring effort [1] Group 1: Workforce Reductions - The layoffs will affect multiple teams and are part of year-end performance evaluations expected to continue through late February [2] - This marks the third significant workforce reduction at Block in approximately two years, following cuts of 931 roles in March 2025 and about 1,000 positions in January 2024 [2] Group 2: Business Restructuring - Block has been undergoing continuous restructuring since 2024, focusing on integrating Cash App with Square and investing in new ventures [3] - In November 2024, Block announced a shift in priorities towards bitcoin mining and a reduction in investments in its decentralized tech arm TBD, as well as the music streaming platform Tidal [3] Group 3: Financial Performance and Projections - At its investor day in November 2025, Block projected mid-teens annual gross profit growth through 2028, with a target of $11.98 billion in gross profit for 2026 [4] - Despite beating expectations in Q2 with a 14% year-over-year gross profit growth, Block missed analyst estimates in Q3, reporting $6.11 billion in revenue and $0.54 adjusted EPS against expectations of $6.34 billion and $0.63 [5] - The company's stock has seen a decline of approximately 37% over the past year and about 13% year to date, closing at $55.97, up about 4.85% on the last trading session [5] Group 4: Broader Industry Context - The layoffs at Block coincide with a broader trend of corporate job cuts, with U.S. employers announcing 108,435 layoffs in January, the highest for that month since 2009 [6] - Block's upcoming Q4 earnings report on February 26 will provide insights into whether the headcount reductions are leading to the margin expansion that investors are anticipating [6]

Core Viewpoint - Galaxy Digital's share price surged 18% to $19.90 following the announcement of a $200 million share repurchase program, indicating management's confidence in the stock's undervaluation and the company's strong financial position [1][3]. Group 1: Share Repurchase Program - The company has authorized a share repurchase program of up to $200 million, allowing for the buyback of Class A common stock over the next 12 months [1]. - Buybacks may be executed through various methods, including open market transactions and trading plans under Rule 10b5-1, with the option to suspend or discontinue the program based on market conditions [2]. Group 2: Management Confidence - Management's decision to initiate the buyback program reflects confidence that Galaxy's shares are undervalued and that the firm has excess capital available [3]. - CEO Mike Novogratz emphasized the company's strong balance sheet and ongoing investments in growth, which provide the flexibility to return capital to shareholders when the stock price does not reflect the business's value [4]. Group 3: Financial Performance - Galaxy reported a net loss of $482 million for the fourth quarter, which initially negatively impacted the stock price [5]. - Despite the quarterly loss, the company generated $426 million in adjusted gross profit for the full year and ended the year with $2.6 billion in cash and stablecoins, highlighting its strong liquidity position [5]. Group 4: Market Context - Other cryptocurrencies and stocks in the crypto sector also experienced gains, with Bitcoin reaching $70,000 and Ethereum surpassing $2,000 [6]. - In traditional markets, the Dow Jones Industrial Average exceeded 50,000 for the first time, indicating a positive market environment [6].

Core Insights - Spectrum Brands Holdings Inc. (SPB) reported strong first-quarter fiscal 2026 results, with earnings and revenue exceeding expectations, leading to a 10.2% increase in share price [1][3][7] Financial Performance - Adjusted earnings per share (EPS) reached $1.40, up from $1.02 year-over-year, and surpassed the Zacks Consensus Estimate of $0.77, primarily due to lower income tax and reduced outstanding shares [3][7] - Net sales declined 3.3% year-over-year to $677 million, exceeding the Zacks Consensus Estimate of $666 million, with organic net sales down 6% when excluding favorable foreign currency impacts of $18.5 million [4][7] - Gross profit fell 16.2% year-over-year to $241.6 million, influenced by lower volumes, increased trade spending, and higher tariff-related costs, resulting in a gross margin contraction of 110 basis points to 35.7% [5][7] - Adjusted EBITDA from continuing operations decreased 15.2% year-over-year to $62.6 million, with an adjusted EBITDA margin contraction of 190 basis points to 9.2% [6][7] Segment Performance - Home & Personal Care segment sales dropped 26.6% year-over-year to $321.5 million, with organic net sales declining 7.6% [8] - Global Pet Care segment sales increased 21.6% year-over-year to $281.6 million, with organic net sales improving 8.3% [11] - Home & Garden segment sales fell 18.2% year-over-year to $73.9 million, with organic net sales down 19.8% [14] Financial Position - As of December 28, 2025, SPB had a cash balance of $126.6 million and total outstanding debt of $578.9 million, with total liquidity of $618.8 million [16] - In the first quarter of fiscal 2026, SPB repurchased 0.6 million shares for $36 million, with an authorized repurchase program of $300 million [17] Outlook - Management expressed confidence in returning the Global Pet Care and Home & Garden segments to growth in fiscal 2026, while aiming for improved profitability across all segments [19] - The company projects flat to low-single-digit growth in reported net sales for fiscal 2026, with adjusted EBITDA expected to rise in the low-single digits [20]

Second Quarter Fiscal 2026 Results Quarter Ended December 31, 2025 Supplementary Information to the February 5, 2026, Earnings Conference Call & Webcast Lasting relationships. Global success. Kimball Electronics Confidential Jana Croom CFO Safe Harbor Statement Certain statements contained within this supplementary information, including our fiscal year 2026 guidance, and any statements made during our earnings conference call today may be considered forward-looking under the Private Securities Litigation R ...

Group 1: Company Overview - Tyler Technologies (TYL) shares increased by 3.4% to close at $343.24, following a significant trading volume compared to typical sessions, despite a 25.2% loss over the past four weeks [1] - The company announced a $1 billion share repurchase authorization, indicating management's confidence in long-term growth prospects [1] Group 2: Earnings Expectations - Tyler Technologies is expected to report quarterly earnings of $2.71 per share, reflecting an 11.5% year-over-year increase, with revenues projected at $589.62 million, a 9% rise from the previous year [2] - The consensus EPS estimate for the quarter has been revised slightly higher in the last 30 days, suggesting a positive trend that may lead to price appreciation [3] Group 3: Industry Context - Tyler Technologies is part of the Zacks Internet - Software and Services industry, which includes other companies like Sabre (SABR), that experienced a 3.6% decline to $1.2, with a return of -9.5% over the past month [4] - Sabre's consensus EPS estimate remains unchanged at -$0.07, representing a 12.5% increase from the previous year [5]

Core Viewpoint - ZTO Express (Cayman) Inc. announced a proposed offering of US$1.5 billion in convertible senior notes due 2031, aimed at refinancing and share repurchase programs, subject to market conditions [1][2]. Group 1: Notes Offering Details - The offering consists of US$1.5 billion in aggregate principal amount of convertible senior notes, which will be offered to non-U.S. persons as "qualified institutional buyers" [1]. - The notes will mature on March 1, 2031, and holders may convert them after a compliance period of 40 days from the original issuance [1][2]. - The company plans to use the net proceeds for refinancing, share repurchases, and general corporate purposes [1][2]. Group 2: Redemption and Repurchase Options - The company may redeem the notes for cash if less than 10% of the original principal amount remains outstanding or due to certain tax law changes [1]. - Holders have the option to require the company to repurchase any notes in the event of a "fundamental change" and can also request repurchase on March 1, 2029 [1][2]. Group 3: Concurrent Share Repurchase - Concurrently with the notes offering, the company plans to repurchase Class A ordinary shares from certain purchasers of the notes to facilitate initial hedging [2]. - The repurchase will be made at the closing price of the Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026 [2]. - The repurchase is expected to offset potential dilution to the holders of the company's ordinary shares upon conversion of the notes [2]. Group 4: Capped Call Transactions - The company expects to enter into capped call transactions to reduce potential dilution upon conversion of the notes [1][2]. - These transactions may involve purchasing hedges in privately negotiated transactions, which could affect the market price of the company's shares and notes [2]. Group 5: Company Overview - ZTO Express is a leading express delivery company in China, providing services through a scalable network partner model to support e-commerce growth [2]. - The company controls critical line-haul transportation and sorting networks while leveraging network partners for pickup and last-mile delivery [2].